The Gaming Commission has sought the advice of the Attorney-General on how to recover GH¢5.16 million it invested with SIC Financial Services Limited in 2019.
The Acting Commissioner of the Commission, Mr Emmanuel Siisi Quainoo, told the Public Accounts Committee (PAC) of Parliament on Tuesday, September 30, 2025, that the investment had not been redeemed despite several follow-ups.
Mr Quainoo explained that when he assumed office, he discovered that the Commission’s investment was still locked up and immediately began efforts to retrieve the money.
“When I took over office, I realised that we had invested GH¢5.165 million with SIC Financial Services Limited, and the investment had not been redeemed.
“I wrote to SIC for the money to be refunded. They replied that their investments had been escrowed at the Ministry of Finance due to the banking sector clean-up,” he told the Committee.
According to him, SIC acknowledged in writing that the Commission was owed but said repayment could not be made until the Ministry of Finance released the funds.
Mr Quainoo said after several discussions with the Audit Committee of the Commission, the matter was referred to the Interior Minister, who directed that it be forwarded to the Attorney-General.
“I have written to the Attorney-General for advice, and the matter is still pending there,” he added.
The Chairperson of the Committee, Mrs Abena Osei-Asare, questioned SIC’s explanation that the banking sector clean-up was to blame, noting that the company’s financial challenges predated the crisis.
“The problem of SIC did not start with the banking clean-up, so that excuse cannot stand. We will be guided by what the Attorney-General advises,” she said.
The Interior Minister, Mr Muntaka Mohammed Mubarak, who also appeared before the Committee, acknowledged that recovering the funds would be difficult since SIC is a state-owned institution.
He said while the Attorney-General had previously advised on possible legal options, including the seizure of assets, the fact that both institutions were government-owned complicated the matter.
The GH¢5.16 million investment has remained unrecovered since 2019.
Source: Graphic.com.gh
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